🕐12.07.11 - 17:27 Uhr
EL NIÑO VENTURES ANNOUNCES $1,000,000, 6650 METER DRILL PROGRAM AT MURRAY BROO
K MASSIVE SULFIDE DEPOSIT, NEW BRUNSWICK IN THE BATHURST MINING CAMP
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Re: News Releases - Tuesday, July 12, 2011
El Nio Ventures Announces $1,000,000, 6650 Meter Drill Program
at Murray Brook Massive Sulfide Deposit, New Brunswick in the
Bathurst Mining Camp
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- $1 Million Phase II Drilling Program includes 6650 meters drilling.
- Testing the Zinc-Silver-Gold deposit at the Previous Producing Mine
Site, the fifth largest massive sulfide deposit in the Bathurst Mining
Camp.
- The Bathurst Camp is host to a number of zinc, lead, silver and
gold Volcanogenic Massive Sulfide deposits and producing mines.
July 12, 2011, Vancouver, Canada.
-- El Nio Ventures Inc.
("ELN" or
"Company") (TSX.V: ELN; FSE: E7Q) is pleased to announce the
commencement of Phase II drilling program on the Murray Brook project
in the Bathurst Mining Camp, New Brunswick.
The program is under the
direction of Votorantim Metals Canada Inc.
Please click on the hyperlink below to view
Figure 1 - Project Location Map
Figure 2 - Drill hole Location Map
Figure 3 - Murray Brook and Camel Back Location Map
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=466128
The Phase II drill program is planned to further delineate the deposit
in areas of low drill density, follow-up higher grade intercepts, as
well as test the known margins and possible extensions of the deposit
and ultimately the results to be used for an updated resource
calculation.
In addition, any significant targets identified by the recently
completed HeliTEM survey and ongoing Falcon AGG (Airborne Gravity
Gradiometry) survey will be evaluated as additional targets in the
Phase II drill program.
There are 40 holes, (6,650 meters) planned for
the grid based systematic drill program.
The drill plan is designed to start on the south near-surface section
of the deposit and move to the north on deeper parts of the massive
sulfide body in a systematic manner.
The actual drill hole depths will
vary depending on the massive sulfide intercepts encountered during the
drill program.
Additional holes will be proposed if significant massive sulfides are
intersected in the step-out holes located along the margin of the
massive sulfide body.
Figure-2 illustrates the historical drill hole locations, Votorantim
drill holes to date and the proposed drill holes on a grid plan.
About El Nio Ventures Bathurst Projects;
Murray Brook Project:
Under Votorantims Option and Joint Venture Agreement with Murray Brook
Minerals and Murray Brook Resources, both privately held companies,
Votorantim can earn a 50% interest in the Properties, by funding
$2,250,000 in exploration expenditures and making payments totalling
$300,000 over a three year period commencing November 1, 2010.
Votorantim can earn an additional 20% interest in the Properties by
funding an additional $2,250,000 in exploration expenditures over an
additional two year period.
El Nino has elected to enter into a
participation agreement wherein it can earn 50% of Votorantims interest
by paying 50% of the costs incurred by Votorantim in the Option and
Joint Venture Agreement.
Bathurst Mining Camp Project:
Consists of an initial 4,712 claims in tri-party agreement with Xstrata
& VM Canada whereby VM Canada may incur exploration expenditures of $10
million over a period of 5 years to earn a 50% interest.
VM Canada may
further increase its interest to 70% by spending an additional $10
million over 2 years.
About Murray Brook Deposit;
The Murray Brook deposit is a polymetallic, volcanic hosted,
massive-sulfide deposit and is the fifth largest in the Bathurst Mining
Camp.
The property is located approximately 60 km west of Bathurst New
Brunswick, in Restigouche County, within the Bathurst Mining Camp.
An
existing gravel road accesses the property from a paved highway.
The
electricity grid is nearby, as are communities with goods, services and
skilled labor.
Gossan zone was removed during the open-pit mining operations carried
out by Novagold Resources Inc.
during the early 1990s.
The hanging wall
is moderately chloritic and is locally intensely deformed.
The foot
wall consists of fine grained, felsic tuff and tuffaceous sediments
with moderate to strong chlorite and sericite alteration.
Sulfides are
mainly fine grained, massive, vaguely laminated pyrite with
disseminated and banded sphalerite, chalcopyrite and galena.
Removal of the gossan also removed any evidence of previous drilling
within the shallow pit area.
Consequently, VM Canadas due diligence
process to acquire the Murray Brook deposit required the confirmation
of several historically, reported drill results, in addition to
compilation of previous work.
Significant drill results from the due diligence, drill twin-hole
program included massive sulfide intersections that were similar in
width, position and positively confirmed the grades for copper, lead,
zinc, gold and silver reported from the three previously drilled holes.
Based in part on these results, VM Canada entered into an option
agreement with Murray Brook Minerals.
VM Canada Statement:
Technical details in this news release were provided by VM Canada whose
professional geologists conduct operations consistent with mineral
industry best practices.
VM Canada accepts no responsibility for this
news release or any inferences made from the technical details provided
herein.
Qualified Person:
John W.
Londry is a Qualified Person (QP) who has reviewed and approves
the information that is included in this press release
About the Bathurst Mining Camp (BMC) Project:
Upon execution of the tripartite agreement, the BMC project comprised:
1,805 claims owned 50% ELN, 50% Xstrata Zinc; 2,907 claims owned 100%
by Xstrata Zinc; together with an Area of Interest in which ELN and
Xstrata Zinc hold equal interest.
Earlier drilling campaigns delineated
several historical deposits of lead, zinc and copper mineralization
within the 1,805 claims in which ELN currently holds 50% interest (see
June 4, 2008 press release).
In February 2011, ELN announced that a $5 million, exploration program,
consisting of airborne and ground geophysics has been completed and a
10,000 meter drill program slated to commence in the spring of 2011 is
underway.
(See press release dated February 23, 2011).
About the Murray Brook and Camel Back Properties
The 505 hectare, Murray Brook mining lease (ML252) contains the Murray
Brook deposit, discovered in 1956 and mined by Novagold Resources from
1989 to 1992.
Total production was 1,384 kg of gold and 9,829 kg of
silver from 2.7 Mt of oxide ore (Gossan).
A sulfide resource was
defined below the open pit (Gossan), prior to the implementation of NI
43-101 standards of disclosure, historically reported by NovaGold in
1988 to be 20.2 Mt grading 1.4% Zn, 0.3% Cu, 0.6% Pb, 25 g/t Ag and 0.3
g/t Au.
A copper-rich zone within this deposit contains an estimated
2.087 Mt grading 2.0% Cu, 1.1% Zn, 0.4% Pb, 46 g/t Ag and 0.3 g/t Au.
Under the provisions of NI 43-101, insufficient work has been carried
out to classify any of the historic occurrences as current mineral
resources and the historical estimates should not be relied upon.
The Camel Back claim block consists of 215 claims covering 4,100
hectares situated between the Murray Brook mining lease and the Caribou
mining lease (ML246).
The Caribou, Murray Brook and Restigouche
deposits are all hosted within the California Lake Group.
The Caribou
deposit is within volcano-sedimentary rocks of the Spruce Lake
Formation while the Murray Brook and Restigouche deposits are within
sedimentary rocks of the Mount Britain Formation.
According to
geological and geophysical data, the presence of favourable
stratigraphy and some untested EM anomalies shows that the Camel Back
block still merits further exploration for discovering new deposits.
About VM Canada (Votorantim Metals Canada Inc.)
Votorantim Metals Canada Inc.
is a subsidiary of Votorantim Metals, a
company that is part of the Votorantim Group that was founded in Brazil
in 1918 operates in twenty countries and has over sixty-five thousand
employees.
Votorantim Metals is the largest electrolytic-nickel
producer in Latin America and one of the worlds leaders in the
production of zinc, aluminium and steel.
About El Nino Ventures
El Nio Ventures Inc.
is an international exploration company, focused
on exploring for Copper/Cobalt in the Democratic Republic of Congo
("DRC") and Lead, Zinc and Copper in New Brunswick, Canada.
In Canada, El Nino holds a 50% interest in an extensive base metal
project located within the Bathurst mining camp in Bathurst, New
Brunswick, where earlier drilling campaigns have been carried out on
several historical deposits of lead, zinc and copper mineralization
within the large claim block owned 50% ELN, 50% Xstrata Zinc.
El Nio subsequently entered into an option agreement with Votorantim
Metals Canada Inc.
and Xstrata Zinc Canada whereby Votorantim may earn
a 50% interest in El Nios landholdings by expending $10 million over
5 years and may further increase its interest in El Nios landholdings
to 70% by expending an additional $10 million over a further two years.
(Please see release dated May 4, 2010,).
In January 2011, ELN announced that it has provided notice to
Votorantim Metals Canada Inc.
(Votorantim) to enter into a
Participation Agreement on the Murray Brook Massive Sulphide
/Polymetallic Deposit, situated in the Bathurst Mining Camp in New
Brunswick, Canada.
(See press release dated January 20, 2011).
Drilling
has been initiated on this project.
In February 2011, ELN announced that a $5 million exploration program
has begun consisting of airborne and ground geophysics and will include
a 10,000 metre drill program which is currently underway.
(See press
release dated February 23, 2011).
El Ninos management is aggressively seeking to add to its already
extensive property portfolio and acquire additional projects on an
International scale that meet our corporate objectives.
This includes
base and precious metal properties within Africa and North America.
On behalf of the shareholders and board of directors of El Nino
Ventures, I would like thank you for your ongoing support.
"Harry Barr"
Harry Barr, Chairman and Acting CEO
For further information, please contact Investor Relations at Toll Free
1.800.667.1870 or by email at
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For this purpose, statements of historical fact may be
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Copyright (c) 2011 EL NINO VENTURES INC.
(ELN) All rights reserved.
For more information visit our website at
http://www.elninoventures.com/ or send mailto:
Message sent on Tue Jul 12, 2011 at 6:32:03 AM Pacific Time
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